Continuous glucose monitoring devices provide critical insights for effective diabetes management in China. These devices enable real-time tracking of blood glucose levels through subcutaneous or non-invasive wearable sensors, sending readings directly to monitoring devices or smartphones. This helps diabetics make informed decisions regarding insulin administration and lifestyle adjustments. According to the International Diabetes Federation, China has over 136 million diabetes patients currently, which is projected to rise to over 150 million by 2045. The growing diabetes prevalence is spurring demand for these monitoring devices to aid patients in better controlling their condition through constant tracking of glucose levels.
The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 176.4 million in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Minimally invasive devices have gained immense popularity among Chinese consumers in recent years due to their painless operation and easy portability. Owing to growing preference for wearable technologies, manufacturers are developing novel integrated systems that can pair with smartphones through Bluetooth or wifi. For instance, Eversense which received FDA approval in January 2022 contains a flexible filament sensor that gets inserted under the skin and transmits data to a wearable Reader via near field communication for 90 days without needing calibration. Additionally, continuous investments in R&D coupled with supportive regulatory approvals are enabling market players to introduce advanced non-invasive systems based on optical and other novel sensing techniques that can remotely track glucose levels through sweat or tears without skin pricking. This is encouraging more patients to opt for continuous monitoring.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in Global China continuous glucose monitoring devices market Size due to established brands, requirement of regulatory approvals and relatively high capital requirements.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established players providing substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of alternate suppliers and differentiated products.
Threat of new substitutes: The threat of new substitutes is high due to emergence of alternate non-invasive methods for glucose monitoring.
Competitive rivalry: The competitive rivalry is high due to presence of global and local players competing on the basis of product features, pricing and quality.
Key Takeaways
The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 176.4 million in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Regional analysis:
China dominates the continuous glucose monitoring devices market in the region with around 90% share due to large diabetic patient pool, growing health expenditure, increasing awareness about diabetes management and favorable government policies promoting diabetes care. Rapid urbanization and aging population also contribute to the market growth in China.
Key players: Key players operating in the China continuous glucose monitoring devices market are Dexcom, Abbott, Senseonics Holdings, Medtronic and GlySens Incorporated. Dexcom and Abbott together hold around 90% market share in China due to their well-established brand names and wide product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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